CH 12 - Statutes Governing Flashcards
BICs, any change of office name, address, email, etc. must notify commission within ____ days
10 days
a licensee may only receive compensation from ____
their broker-in-charge
compensation for real estate transactions always go to ________
the broker-in-charge
records may be maintained electronically as long as what occurs?
a backup is kept off-site / cloud
a licensee shall __________ upon first substantive contact in a personal transaction
reveal his license status
a licensee shall include WHAT in any contract for purchase, sale, exchange, rental, lease of a personal property
dlsclosure of his license status in BOLD, UNDERLINED, CAPITAL LETTERS on the first page of a contract
upon obtaining a written acceptance of an offer, what should a licensee do?
promptly deliver true, executed copies to all parties
if there are no clients involved in a transaction, a transaction broker must complete a ______________
compensation agreement to be signed by the agent and the compensating party
trust funds received for a licensee’s personal rental or transaction must be deposited into _________
the licensee’s personal trust account
if an offer is rejected without counter, what must happen?
an offer rejection form, signed by the listing licensee, must be provided to the offeror by the licensee
in order for a brokerage firm to claim a fee for the sale of a listed property to an associated licensee, what must happen?
a written agreement signed by the seller client must acknowledge the purchaser as a licensee with the brokerage and recognize the right of the seller not to pay the fee.
management agreements can only contain an automatic renewal clause if ____________-
the agreement also contains a clause allowing either party to cancel for any or no cause with 30 days notice, after the original expiration date.
TEAM NAMES may not include what terms and why?
“realty”, “real estate”, “realtors”, or similar terms suggesting a brokerage
What should be boldly and conspicuously listed on any advertising?
the brokerage firm name
True or False: a real estate team may act as disclosed dual agents as well as designated agents.
False. A team can ONLY act as Disclosed Dual Agents
True or False: Action may be instituted against a real estate licensee by a customer for information contained in a property condition disclosure form if the licensee is a signatory to that report.
True
Is it OK for a seller to offer incentives that would create a desire for the buyer to use his/her recommended service providers?
Yes
True/False: A resident licensee may pay a part of his/her commission to a licensee of another state if that licensee doesn’t conduct any negotiations for which a fee is paid in this state.
True
Must you give confidentiality to a customer?
No
Is it ok for a licensee to directly contact the buyer client of another licensee as long as it is done with knowledge/permission of the buyer’s agent?
Yes
True or False: Conducting an open house requires a real estate license.
True
When a BIC’s license is suspended for two years, what happens to his associate brokers and salespeople?
Their licenses must be returned to the SC Real Estate Commission
Under SC law, would taking a property management course make a licensee exempt from CE requirements?
yes
Does an auctioneer need to be licensed?
yes
A BIC fails to renew her license by June 30 but continues to engage in real estate transactions, what’s the possible penalty?
$500 or 6 months in prison
A licensee’s compensation MUST come from whom?
their BIC
If the BIC becomes incapacitated, what will the real estate commission likely do?
appoint someone as BIC for up to six months
In order for a brokerage firm to collect a fee for the sale of a listed property to one of its own licensees, what is needed?
a separate written agreement must (1) acknowledge the purchaser as a licensee affiliated with the brokerage and (2) recognize the right of the seller not to pay the brokerage fee.
